Max Keiser, a Bitcoin proponent and crypto advisor to El Salvador’s President, recently predicted that the Bitcoin price will reach $220,000 in the near future. He made this prediction in response to a CNBC article that discussed the current economic and inflation concerns.
Keiser took to X (formerly Twitter) to express his belief that the US dollar was losing its purchasing power “at a very rapid pace,” citing an example of how he recently spent $84 for a “very ordinary hamburger.” He further stated that central banks will print a “wall of money visible from outer space,” which could lead to a massive rise in the Bitcoin price as many will look to use it as a hedge against inflation.
Arthur Hayes, the co-founder of BitMEX, has similar views to Keiser. He believes that the government will likely resort to money printing to save the bond market, which could lead to a surge in Bitcoin’s price and other cryptocurrencies.
However, not everyone shares the same sentiments. Crypto analyst Nicholas Merten believes that rising inflation could spell more trouble for Bitcoin’s price. He claims that the Federal Reserve needs to keep hiking interest rates to bring down the inflation rate, as there is excess money in the system due to the “excess printing of money.” Bloomberg analyst Mike McGlone warned that the rising interest rates could cause a further decline in the Bitcoin price.
It is evident that the stock and crypto markets have a correlation, therefore a financial crisis could have a significant impact on Bitcoin and the crypto market. Max Keiser has been bullish on the foremost cryptocurrency for a long time, and his prediction of a Bitcoin rally to $220,000 could very well be realized.
